Be sensible and follow all of the basic rules of investing. A few people have got burnt fingers by not following some of the most basic common sense rules which apply to all forms of investing. I have made a list of the main ones to consider. Here they are.
Number one: Invest only discretionary money in Cryptocurrency
The money you are using to purchase Bitcoin, Ethereum, and the like must be money you can fully afford to lose. It must be discretionary spending money. You wouldn’t go to the races or the betting shop with your retirement fund and use that to gamble with. Cryptocurrency investing has to be treated in the same way. It is highly volatile. The number one rule is to purchase cryptocurrency with money you can fully afford to lose using only your discretionary spending money.
What is discretionary spending money?
That is up to an individual’s own priorities and personal circumstances. One person may consider money set aside for a holiday to the islands as discretionary spending but someone else may not want to risk that money in Bitcoin.
Number two: Assess the risk
As with any investment it is important to assess the risk. It is no secret that Bitcoin is volatile but if you abide by rule number one then there will be little or no change in your financial situation if the cryptocurrency market takes a tumble. Market volatility is not the only risk investors in some countries have to face. China imposed a blanket ban on all crypto transactions in order to stop all cryptocurrency related activities.
Number three: Don’t get greedy
Greed gets the better of a lot of investors. They see the value of their Bitcoin skyrocket and decide to use money which they should not be speculating with, for purchasing more Bitcoin. Having some form of exposure to the cryptocurrency market adds an exciting string to your financial bow but don’t try to get rich quick by diverting all of your money to Bitcoin and ignore other forms of investment.
Number four: Diversify
Spreading your risk helps minimize the risk of losing all your money in one go. Several investors lost all of their money in one major financial hit during the 2008 Global Financial Crisis when companies they invested their life savings with went under. They invested all of their eggs into one basket.
What has this got to do with investing in Bitcoin? Hacking is a danger with Bitcoin therefore having money spread among different platforms will reduce your chances of this happening.
Number five: Use different platforms
Hacking is a possibility which can see your cryptocurrency disappear. It is a good idea to invest your cryptocurrency among different platforms such as Blockchain, Binance, Blockfi. etc. That way if one of these platforms gets hacked you won’t lose everything in one go.
Number six: Find a safe place to store your password
This is important because many of these cryptocurrency trading websites will only allow you a certain number of wrong passwords and after that you will be permanently locked out of the site.
You wouldn’t want this happening to you.
There are several things which can go wrong in the crypto-market but with careful planning you can mitigate the risks.
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Points To Evaluate Before Picking A Thai Restaurant
A Thai restaurant is defined as a type of restaurant that tends to emphasize on lightly prepared dishes that have spicy edge and strong aromatic components. Whenever one is searching for a restaurant, it is habitually essential that you do not rush the operation. Since if you end up picking the wrong restaurant you might end up not enjoying the food or even get food poisoned. With this if you are a huge fan of Thai cuisine it is ideal that you follow these tips before you choose the restaurant.
One make sure that you choose a restaurant that you can easily walk to. This is because it is not always fun driving back home once you have had a great time. Additionally it can be rather expensive if you have to travel a long distance just for you to eat your favorite cuisine. This is because you will still be required to pay for the food but also you will have to use a lot of fuel money especially if the place is far. Hence it is ideal that you only choose Thai restaurants that are close to you.
In some scenarios some Thai restaurants have a tendency to be beautiful although the decor being made use of is not your taste. Therefore it is prudent that you pick a restaurant that you generally enjoy the atmosphere. Some of the issues you ought to check is if they tend to play music. You must recognize there are several restaurants that prefer playing their music loudly although others do not. Additionally there are times that you might necessitate to work while in the restaurant or have meetings evaluate if the restaurant gives the ambiance you want.
Once you choose a restaurant it is ideal that you choose one that you feel happy while paying for the meal. However this does not mean that you ought to go cheap but you should feel satisfied with what you get. Additionally make sure that you have a range that you are comfortable spending while in the Thai restaurant.
Evaluate on the sort of customer service the restaurant has to provide. It is often frustrating if no one promptly comes to serve you once you get in the restaurant. Moreover it can be discouraging if you have to deal with a waiter who is not friendly. Therefore make sure that you check on the type of comments some of their customers might have mentioned on the restaurant’s customer service. If the reviews are positive then you are confident that the Thai restaurant you want to go to has excellent customer service.
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